Since its IPO in October last year Betfair shares have declined from a listing price of £13 a share to its current price of £7.49. Even at this low price Andrew Black, the co-founder of the betting exchange, has sold £1.5 million of shares just after the company announced it had found a new chief executive.

According to the Guardian newspaper the sale was to fund a new venture: "The sale is thought to have been triggered by Black subscribing to a share issue at Hyrodec Group, an Aim-listed cleantech company where he serves as a non-executive director and where he is investing a further £ 1.7 million into the company,"

While the news may be concerning to existing shareholders that will be hoping for a return on their investment it should be remember that Black who founded Betfair 11 years ago with Ed Wray still retains a 9.9% stake (or £75 million) in the company and is the third largest shareholder in the company.

Shares have declined recently as investors are concerned over taxation and gambling regulation in European markets.

While Black stepped down from the Betfair board recently, the other founding partner Wray has also announced his intentions step down as the Chairman once a successor can be appointed.